The First Deputy Governor of the Bank of Ghana, Dr Zakari Mumuni, has reaffirmed the central bank’s commitment to supporting innovation in Ghana’s financial sector, while ensuring robust oversight and risk management amid the rise of digital assets and financial technologies.

Speaking at a public-private sector roundtable on Blockchain technology and digital assets organised by AyaHQ under the theme Dr Mumuni outlined a series of initiatives undertaken by the central bank to modernise financial services, drive inclusion, and strengthen regulatory capacity.

“We have invested significantly in this space. The Bank of Ghana has proactively positioned itself to support innovation while safeguarding financial stability,” Dr Mumuni stated. “Our policy frameworks have evolved alongside the rise of mobile money, e-commerce, and digital banking systems.”

Highlighting key milestones, Dr Mumuni referenced the passage of the Payment Systems and Services Act, 2019 (Act 987), which provided the legal foundation for Ghana’s fintech ecosystem. He also cited the bank’s establishment of a Regulatory Sandbox to support innovation in a controlled environment, and the issuance of an exposure draft on digital assets aimed at balancing innovation with regulatory oversight.

“The sandbox allows startups and fintechs to experiment under the supervision of the central bank. This ensures that while innovation is encouraged, associated risks such as capital loss, cyber threats, and consumer protection lapses are contained,” he explained.

Dr Mumuni further revealed that frameworks for open banking, digital credit, and digital banking are nearing completion and expected to be operational by year-end.

In addition to financial inclusion tools such as Central Bank Digital Currency (CBDC) pilots, Universal Trusted Credentials (UTCs), and Digital Economic Service Funds (DESFs), the Bank has developed a Supervisory Intelligence (SI) platform, which leverages data analytics to generate evidence-based insights for regulatory decisions.

Another major innovation is the establishment of the Financial Industry Command Security Operations Center (FICSOC). The centre enables real-time cyber threat detection and response across the financial sector.

“These efforts underscore our commitment to innovation with accountability. Our job is to ensure that opportunities do not translate into systemic risks,” Dr Mumuni added.

Governor of the Bank of Ghana, Dr Johnson Asiama, earlier in an interview with NorvanReports, noted that Ghana remains committed to launching a Central Bank Digital Currency (CBDC) in the medium term, but for now, the immediate focus will shift to tightening oversight of unregulated digital asset platforms such as cryptocurrency exchanges.

While CBDCs remain a strategic ambition, unregulated digital platforms, particularly cryptocurrency exchanges, pose a more urgent financial integrity risk.

“My understanding is that Binance has an office in Accra,” he said. “But nobody’s talking to them. There’s no visibility on what they’re doing.”

According to the Governor, a dedicated regulatory unit has been established within the Bank, and work is accelerating in partnership with the Securities and Exchange Commission (SEC) to introduce a digital asset regulatory framework. This effort is guided by Ghana’s obligations under the GIABA (Inter-Governmental Action Group against Money Laundering in West Africa), which mandates that member states develop crypto oversight legislation by September 2025.

“We are working fast. The regulation must be ready by September,” he said. “It’s safer that way. It’s more efficient. And it gives us a better ability to track the transactions that go on in that space.”

The framework is expected to bring licensing, tax compliance, and transactional transparency to platforms operating in Ghana’s largely informal digital finance space.